ESTIKO

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.03.2001



Consolidated

in thousand EEK                              31.03.2001 31.12.2000



ASSETS

CURRENT ASSETS

Cash and bank                                     3,756        588

Customer receivables

Accounts receivable                              17,083     17,962

Allowance for doubtful accounts                  -1,765     -1,873

Total                                            15,318     16,089

Other receivables

Other current receivables                           154        160

Prepaid expenses

Prepaid/refundable tax receivables                1,313      1,447

Other prepaid expenses                              142         75

TOTAL                                             1,455      1,522

Inventories

Raw materials                                    10,469     11,764

Work-in-progress                                  3,194      1,880

Finished goods                                    8,581      7,831

Merchandise purchased for resale                     90        112

Prepayments to suppliers                            222         22

Total                                            22,556     21,609

TOTAL CURRENT ASSETS                             43,239     39,968

NON-CURRENT ASSETS

Long-term financial assets

Other long-term receivables                         242        273

Tangible assets

Land and buildings (acquisition cost)           142,409    138,836

Plant and equipment (acquisition cost)           48,900     48,145

Other equipment and fixtures

(acquisition cost)                                3,139      2,895

Accumulated depreciation (less)                 -34,513    -31,643

Fixed assets under construction                   4,543      3,800

Prepayments for tangible assets                   1,356        490

Total                                           165,834    162,523

Intangible assets

Prepayments for intangible assets                     9          9

TOTAL NON-CURRENT ASSETS                        166,085    162,805

TOTAL ASSETS                                    209,324    202,773



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

CURRENT LIABILITIES

Debt obligations

Debentures (except bank loans)                    4,486      5,375

Current period repayment of

long-term bank loans                             13,231     14,057

Short-term loans from financial institutions      6,590      3,487

Total                                            24,307     22,919

Customer prepayments for

goods and services                                1,253      1,340

Supplier payables

Accounts payable                                 14,115     17,233

Total                                            14,115     17,233

Tax liabilities                                   1,123      1,170

Accrued expenses

Salary-related accrued expenses                   3,395      2,650

Dividends payable                                     8          8

Interests payable                                   381        540

Other accrued expenses                              637        285

Total                                             4,421      3,483

Other prepaid revenue                               428        428

TOTAL CURRENT LIABILITIES                        45,647     46,573

NON-CURRENT LIABILITIES

Long-term debt

Non-convertible debt                                952      4,320

Bank loans                                       66,318     61,070

Total                                            67,270     65,390

TOTAL NON-CURRENT LIABILITIES                    67,270     65,390

TOTAL LIABILITIES                               112,917    111,963

MINORITY INTEREST

OWNERS' EQUITY

Share capital in nominal value                   59,851     59,851

Capital surplus                                   4,727      4,727

Mandatory legal reserve                           2,828      2,828

Retained earnings                                23,443     13,945

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR         5,598      9,497

Treasury shares (less)                              -40        -38

TOTAL OWNERS' EQUITY                             96,407     90,810

TOTAL LIABILITIES AND OWNERS' EQUITY            209,324    202,773





Ellen Tohvri

Management Board chairman

+372 737 1000